An auction is a means of bartering for possession wherein property is placed for sale. The property is then sold to the highest bidder. Attendees to the auction place bids which represent what the attendee is willing to spend to purchase the property. The property is always sold to the attendee with the highest bid, thus reaping the most money for the property.
A foreclosure is the process or legal proceeding in which a lender takes possession of a property that is in default due to nonpayment of the mortgage or note. Property in foreclosure is eventually auctioned or sold to another real estate investor.
A Home Loan is the action wherein a homebuyer contacts a lender for the purpose of securing funds in which to purchase real estate. Many times a home loan is for the primary or secondary residence of the homebuyer, however, may be used as funds to purchase investment or rental property.
HUD, the Housing and Urban Development branch of the United States Government is dedicated to the building and funding of real estate property which is available for sale to the general population of the United States. HUD is also responsible for enforcing fair housing laws as applicable under legislation.
Real Estate is defined as the land and any structure attached permanently to the land. Structures including sheds, buildings and all natural resources contained within the perimeter of the land are considered real estate.
REO is an abbreviation for Real Estate Owned, or bank owned real estate. REO is consistent with foreclosure property as it indicates that a homeowner who defaulted on the repayment of the loan once owned the property and the property has now been returned to the lender for auction or sale.
VA is the abbreviation for Veterans Affairs, a branch of the United State Government. This department allows real estate financing by those members serving or has served in our Armed Forces. Many VA loans are available with attractive rates and terms than found in conventional lender financing.
A mortgage is an instrument that allows a person or persons to purchase real estate that is held as collateral by the lender until the terms of the mortgage have been met. A mortgage is the conventional method of financing residential, commercial or investment property.
HUD Fair Housing Equal Opportunity
